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Sam supervised a group of people in a very large organization.The refrigerator in the lunchroom stopped functioning.Although he started the paperwork on the day it died,the refrigerator request went out for bid;two middle managers needed to approve it;and,the purchasing director had final approval.The refrigerator arrived six months later.Max Weber would have approved of the detail and documentation Sam's company accumulated to back-up the purchase.
Accounts Payable
Liabilities owed to creditors for goods and services purchased on credit.
Retained Earnings
The portion of a company's profits that is kept or retained rather than paid out as dividends to shareholders, often used for reinvestment in the business.
Accumulated Depreciation
Accumulated depreciation is the total amount of depreciation expense that has been recorded for an asset over its life up to the current date, reflecting its usage and wear.
Measurement Alternative
An accounting option that allows companies to report certain financial assets or liabilities at their fair market value rather than their historical cost.
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